Word: hellers
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...keep a heavy hand on the nation's money supply, and thereby bring on a real bust. In July, the Council of Economic Advisers expected unemployment to rise to 6% before it began to come down. Now predictions of 6½% by mid-1975 are common. Walter Heller, a member of TIME's Board of Economists, foresees a jobless rate of nearly 7% as a consequence of a single-minded anti-inflation policy. Otto Eckstein, another member of the board, calculates that 8% unemployment, unseen for any long period since 1941, would be required for two full years...
Liberal economists challenge the view of Greenspan and other Government policymakers that the current inflation is basically the inevitable hangover from years of excess demand brought on by a federal spending spree, huge budget deficits and easy money. Walter Heller contends that the real trouble is a "one-shot" explosion in food, fuel and raw-commodity prices. Food and fuel accounted for about half the 11.8% rise in the consumer price index in the twelve months through July. The great danger, Heller believes, is that labor will demand huge wage increases to catch up with food and fuel prices...
...economists' minisummit this week, Heller will propose a wide-ranging program featuring a Government wage-price agency that could subpoena company and union records, order large increases suspended while it held hearings, and even roll back "really flagrant" boosts. Other Heller ideas that are widely backed by liberals include: an immediate easing in Federal Reserve monetary policy to head off a recession; credit controls to channel more loan money to home builders and buyers and small businesses, less to speculators; a huge Government program to hire the unemployed for public-service jobs; tax cuts of $6 billion...
...Stein, the outgoing chairman of the Council of Economic Advisers, later told the committee that the Administration does not believe that unemployment will exceed 6% during the last half of 1974, but he indicated that it could be higher than that in some months. On the other hand, Walter Heller, CEA chairman under President Kennedy, told the committee that if the Administration sticks to present policies, the jobless rate will probably hit 7% by next year. At week's end, the Labor Department announced that unemployment, after hovering at 5% to 5.2% for six months, had inched...
...Quietly persuasive, erudite and a master of detail, Greenspan will join the White House after declining several previous invitations with the understanding that his views will carry substantial weight. Among many economists, Republican and Democratic, Greenspan's appointment would be seen as a gain for the Administration. Walter Heller, who under President Kennedy was probably the most effective CEA chief, believes that Greenspan has "as good qualifications as any conservative economist you can find...